Employee Handbook 2010 - Home - Welcome - Bridgewater College

More documents

Recommendations

Info

BRIDGEWATER COLLEGE EMPLOYEE HANDBOOK | FALL 2010 Retirement Equities Fund (CREF). Employees are enrolled in the College’s retirement plan on the first day of the month following the employee’s date of hire. The College may contribute a designated amount to each employee’s retirement plan, and provide a match to the employees’ voluntary contributions to the plan up to a designated percentage of compensation. Employees can contribute up to the IRS dollar limit per calendar year. However, such contributions will not be matched by the College. 3.2 Health and Dental Insurance All fulltime employees (which include those on nine and ten-month contracts provided they work fulltime during those nine/ten months) are eligible to participate in the health insurance programs offered by Bridgewater College as long as they enroll in accordance with the IRS guidelines. The allocation of funding between the College and the employee for health and dental benefits shall be determined by the College. 3.3 Flexible Spending Accounts The College currently offers a Flexible Spending Account which is administered through a third party administrator. An FSA (also known as a Section 125 Plan or Cafeteria Plan) gives preferential tax treatment to three types of expenses currently paid “out-of-pocket” by employees: insurance premiums, childcare and medical/ dental/vision care. 3.4 COBRA Continuation Coverage COBRA continuation coverage is a continuation of Plan coverage when coverage would otherwise end because of a life event known as a “qualifying event.” Specific qualifying events are listed later in this section. COBRA continuation coverage must be offered to each person who is a “qualified beneficiary.” A qualified beneficiary is someone who will lose coverage under the Plan because of a qualifying event. Depending on the type of qualifying event, employees, spouses of employees, and dependent children of employees may be qualified beneficiaries. Under the Plan, qualified beneficiaries who elect COBRA continuation coverage must pay 100% of the premiums during the COBRA period. If you are an employee, you will become a qualified beneficiary if you will lose your coverage under the Plan because either one of the following qualifying events happens: 1. Your hours of employment are reduced, or 2. Your employment ends for any reason other than your gross misconduct. If you are the spouse of an employee, you will become a qualified beneficiary if you will lose your coverage under the Plan because any of the following qualifying events happens: 22
FALL 2010 | BRIDGEWATER COLLEGE EMPLOYEE HANDBOOK 1. Your spouse dies; 2. Your spouse’s hours of employment are reduced; 3. Your spouse’s employment ends for any reason other than his or her gross misconduct; 4. Your spouse becomes enrolled in Medicare (Part A, Part B, or both); or 5. You become divorced or legally separated from your spouse. Your dependent children will become qualified beneficiaries if they will lose coverage under the Plan because any of the following qualifying events happens: 1. The parent-employee dies; 2. The parent-employee’s hours of employment are reduced; 3. The parent-employee’s employment ends for any reason other than his or her gross misconduct; 4. The parent-employee becomes enrolled in Medicare (Part A, Part B, or both); 5. The parents become divorced or legally separated; or 6. The child is no longer eligible for coverage under the plan as a “dependent child.” The Plan will offer COBRA continuation coverage to qualified beneficiaries only after the Plan Administrator has been notified that a qualifying event has occurred. When the qualifying event is the end of employment or reduction of hours of employment, death of the employee or enrollment of the employee in Medicare (Part A, Part B, or both), the employee must notify the Plan Administrator of the qualifying event within 30 days of any of these events. 3.5 Life Insurance All fulltime employees are eligible to participate in any life insurance programs offered by Bridgewater College. The College’s current basic life and accidental death and dismemberment insurance plans provide life insurance coverage in the amount of $50,000. A voluntary life insurance product is also available to employees who choose to participate. 3.6 Disability Protection Short Term Disability Pay The College provides short-term disability pay to fulltime employees, beginning the first day of the month after they have reached their one-year anniversary. The Short Term Disability pay will have a 20 day (work day) elimination period that must be met before benefits are paid. Employees who qualify for short term disability pay will be paid at 100% of their salary from day 21 to day 89. Short-term disability 23
Page 1 and 2: Employee Handbook 2010
Page 3 and 4: FALL 2010 | BRIDGEWATER COLLEGE EMP
Page 21: FALL 2010 | BRIDGEWATER COLLEGE EMP

Employee Handbook 2010 - Home - Welcome - Bridgewater College

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?